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This environmentally conscious portfolio beats the market, says UBS

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This environmentally conscious portfolio beats the market, says UBS

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Greensill, Archegos point to tougher ‘non-bank’ rules, says UK watchdog By Reuters

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Greensill, Archegos point to tougher ‘non-bank’ rules, says UK watchdog By Reuters



© Reuters.

By Huw Jones

LONDON (Reuters) – The collapse of supply-chain company Greensill and meltdown at hedge fund Archegos highlight the need for better data on the growing role of “non-banks” in finance, Britain’s Financial Conduct Authority said on Wednesday.

Regulators and central banks are increasingly taking a closer a look at “non-banks,” which have grown rapidly since banks themselves became subject to far stricter rules after bailouts of lenders in the 2008 global financial crisis.

The FCA is formally investigating Greensill, which lent money to firms by buying their invoices at a discount, a type of commercial lending that is not regulated in Britain.

“What this experience does show is that where there is interaction with regulated activity, be it at a bank or capital market, there is scope for us to further strengthen the information that we are gathering,” FCA CEO Nikhil Rathi told a parliamentary hearing on Greensill.

The Archegos episode also raises questions about how family office investment operations report transactions, Rathi said. Archegos struggled after it was asked to meet a huge margin call from its banks.

Rathi said the FCA and finance ministry are scrutinising two sets of rules dating to the 1980s.

The first allows foreign financial firms to access Britain’s market without telling regulators, while the second allows a regulated firm to give an “appointed representative” permission to carry out financial activities, a mechanism used by Greensill.

“At the very least we need to know what’s going on in these areas which are not formally regulated,” Rathi said.

The appointed representative regime was only intended for limited use but has been applied far more widely, Rathi said.

“That feels to me like we need to be looking much more closely at systems and controls the principal has in place, and potentially placing restrictions on the scale of business that can be undertaken through this mechanism,” he said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Citigroup fails to obtain longer freeze on botched Revlon transfer By Reuters

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Citigroup fails to obtain longer freeze on botched Revlon transfer By Reuters



© Reuters. FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar

NEW YORK (Reuters) – A federal judge on Wednesday rejected Citigroup Inc (NYSE:)’s request to extend a freeze on about $504 million it accidentally sent a group of Revlon Inc lenders, while it appeals his decision that they can keep the money.

U.S. District Judge Jesse Furman in Manhattan also gave Citigroup seven days to appeal, and said if it does his existing temporary restraining order over the assets will remain in effect pending a ruling.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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New York jet fuel gets pricier as Colonial Pipeline outage continues

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New York jet fuel gets pricier as Colonial Pipeline outage continues


American Airlines planes at LaGuardia Airport

Leslie Josephs | CNBC

Jet fuel is getting pricier nationwide and even more so in the New York City area as the Colonial Pipeline outage continues.

The premium on jet fuel prices in New York Harbor was going for nearly $1.87 a gallon on Tuesday, close to 9 cents more than the U.S. Gulf Coast price, the largest premium since February 2020, according to S&P Global Platts.

Airlines, including Delta Air Lines, United Airlines and JetBlue Airways, said they their operations haven’t been impacted. American Airlines, however, added temporary refueling stops this week until Thursday to two long-haul flights out of Charlotte, while Southwest Airlines is flying planes with extra fuel into Nashville International Airport and others, a measure known as tankering that carriers turn to during times of supply shortages, such as after hurricanes.

Airlines and airports this week said they were looking at alternative methods of obtaining fuel beyond the Colonial Pipeline, the country’s largest refined fuel-products pipeline.

“Since notification of the pipeline’s temporary shutdown, BWI Thurgood Marshall Airport has worked with airline partners and fueling companies to put alternate fueling measures in place,” a spokesman for the Baltimore airport told CNBC. “We continue to monitor the situation, and will adjust plans as needed until the pipeline is back online.”

The Port Authority of New York and New Jersey, which oversees the major airports serving the New York City area said it is “not experiencing any immediate impacts from the Colonial Pipeline shutdown.

“We are continuing to closely monitor the situation and remain in regular contact with gasoline and diesel fuel suppliers for the Port Authority vehicle fleet and with the airlines and other airport stakeholders about jet fuel supply,” a spokeswoman said.

Jet fuel for the Gulf Coast, an industry benchmark, on Tuesday hit $1.78 a gallon, the highest since January 2020. Prices have climbed by 33% this year as more customers return to air travel. The higher prices for fuel, generally airlines’ largest cost after labor, comes just as more customers are expected to fly during the peak summer travel months.



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